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Omani power firms’ profits rise 5.4% in Q2

Omani power firms’ profits rise 5.4% in Q2
Phoenix power posted the highest profits for Q2-16 with OMR 10 million (Photo credit: Company's website)
Al Suwadi Power
SUWP
-2.41% 0.08 -0.00
Sharqiyah Desalination
SHRQ
-1.56% 0.13 -0.00
Phoenix Power
PHPC
0.00% 0.06 0.00

Sembcorp Salalah
SSPW
0.00% 0.11 0.00
Al Kamil Power
KPCS
0.00% 0.18 0.00
ONEIC
ONES
0.00% 0.13 0.00

UPC
UECS
0.00% 1.01 0.00
BWPC
BWPC
20.88% 0.22 0.04
Sohar Power
SHPS
0.00% 0.02 0.00

Al Batinah Power
BATP
-1.25% 0.08 -0.00

By: Salama Abdulrahman

Mubasher:  The financial statements of the power companies listed in the Muscat Securities Market (MSM) for the second quarter of fiscal 2016 showed an increase of 5.4% in their profits, compared to the same period of 2015.

Net profit of 10 energy companies reached OMR 35.11 million in Q2-16, versus OMR 33.31 million for Q2-15.

Seven companies saw an increase in their profits for Q2-16, topped by Sohar Power which posted a net profit of OMR 1.36 million for the period, compared to OMR 150,000 for Q2-15.

Oman National Engineering and Investment earnings grew in Q2-16 by 87.4% to OMR 131,421 from OMR 70,138 for Q2-15.

Phoenix power posted the highest profits for Q2-16 with OMR 10 million, 2.5% up from OMR 9.8 million for Q2-15.

On the other hand, the remaining three companies suffered a decline in their profits for Q2-16, headed by Sharqiyah Desalination with a fall of 95.14% to OMR 32,110, compared to OMR 660,340 for Q2-15.

United Power also reported a year-on-year fall of 34% in its profits for Q2-16 to OMR 178,000, versus OMR 269,000 for Q2-15.

Translated by: Elwy el-Manzalawy